The hash rate also fell on the Bitcoin network.
Unconfirmed transactions on the Bitcoin network reach their highest level since 2017NOTES
The Bitcoin network has slowed amidst new Bitcoin (BTC) price hikes, causing a large number of unconfirmed transactions.
According to the mempool transaction count at Blockchain.com, the number of unconfirmed Bitcoin transactions exceeded 100,000 on 27 October. This is the highest number of unconfirmed Bitcoin transactions recorded since the end of 2017, when Bitcoin reached $20,000.
The largest number of unconfirmed Bitcoin transactions in the mempool was registered in early December 2017, accounting for around 180,000 transactions, according to data from Blockchain.com.
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Total unconfirmed transactions at time of publication. Source: Blockchain.com
Bitcoin’s price ‚must follow‘ historic metric that reached its peak this week, says analyst
The high number of unconfirmed transactions happens when Bitcoin registers new maxima of several months. On October 27, Bitcoin beat the resistance of $13,745, almost reaching its previous peak of $13,970 recorded on June 26, 2019.
Amid the upward trend, the Bitcoin network has faced some problems in its key indicators recently. On October 25, the Bitcoin hash rate – an important indicator of Bitcoin network health – fell from 151.1 EH/s on October 24 to 116.3 EH/s.
The last major hurdle for the price of Bitcoin to reach US$ 20,000
As reported, some mining aggregators link the drop in Bitcoin hash rate at the end of the rainy season in Sichuan. Heavy rains in the region result in low hydro prices for the miners. However, as rivers and tributaries dry up, the miners are moving to Inner Mongolia and Xinjian.